GTBank, SCB to Finance Dangote's Refinery Project

The Chairman of Dangote Industries Limited, Alhaji Aliko Dangote, on Wednesday, 4th September 2013 signed a loan agreement with a consortium of both local and international banks to the tune of $3.3billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical/ Fertilizer Plant in Nigeria.

The US$9billion project will be financed by US$3billion equity and US$billiion loan capital. The signing ceremony commits the first tranche of loans secured by Dangote, comprising a US$3.3billion term loan facility supported by a consortium of local and international banks. This first facility was jointly co-ordinated by Standard Chartered Bank as the Global Coordinator, and Nigeria’s Guaranty Trust Bank Plc as the Local Coordinator.
It is estimated that the plant, which will cost a total of $9 billion will generate over 30,000 jobs, in addition to reducing current volumes of refined fuel imports by up to 50 per cent.

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